9

AMBODIA DEVELOPMENT REVIEW VOLUME 4, ISSUE 3, SEPTEMBER 2000 CAMBODIA DEVELOPMENT REVIEW VOLUME 8, ISSUE 4, OCTOBER-DECEMBER 2004
Towards Understanding
Social Protection in
Cambodia
1


Sophal CHAN and Sophal EAR discuss how
risk and vulnerability are addressed through
social protection efforts in Cambodia
*


Social protection refers primarily to a system of formal
and/or informal safety nets that aim to reduce poverty
and vulnerability. Social protection can encompass a
wide range of measures, including labour market inter-
ventions, social insurance, targeted income support and
other forms of assistance. These measures help individu-
als, households and communities manage risks that
threaten to push them into extreme poverty. The Cam-
bodian government, donors and NGOs all have pro-
grammes that address social protection.

Social Protection Efforts by the Government
The constitution of Cambodia contains articles on the
rights of citizens and the responsibilities of government.
A number of articles are directly related to social protec-
tion. For instance, Article 36 states, Khmer citizens of
either sex shall enjoy the right to choose any employ-
ment according to their ability and to the needs of the
society ... Every Khmer citizen shall have the right to
obtain social security and other social benefits as deter-
mined by law ... Article 72 stipulates, The health of
the people shall be guaranteed Poor citizens shall re-
ceive free medical consultation in public hospitals, infir-
maries and maternity wards
The government is mandated by the constitution to
provide a number of social protection measures to the
people. Despite its good intentions, the government has
not yet met these constitutional demands. For example,
the quantity and quality of public hospitals, infirmaries
and maternity wards are far from adequate.
The government allocates a significant share of its
funds to social interventions, which fall under Chapter
31 of the budget, Interventions in Social and Cultural
Sectors. The allocation in 2003 was $31 million, but
the actual expenditure reached $38 million, accounting
for 10 percent of total current expenditure. This is the
chapter most related to social protection, in our view.
However, as in many other developing countries, the
government has narrowed the scope of its interventions
to the formal sector, and as a legacy of state-led devel-
opment, this has meant that the beneficiaries are largely
civil servants and their immediate families. Most pro-
grammes aimed at reducing the vulnerability of the poor
are funded by external assistance.
As of 2003, the Ministry of Social Affairs, Labour,
Vocational Training and Youth Rehabilitation
(MOSALVY), and the Ministry of Womens and Veter-
ans Affairs (MOWVA)
2
were allocated $8 million and
$16 million, respectively. Most of this funding was
spent on pensions, allowances and wages. Few resources
were available for the provision of practical activities
such as vocational training programmes. However, other
line ministries also have their own Chapter 31 alloca-
tions. These are modest and intended to fund welfare
transfers and allowances. For instance, the Royal Palace,
the Council of Ministers, the National Assembly and the
Senate enjoy relatively large allocations under Chapter
31. Expenditures by these institutions can be significant
in the form of gift-giving
3
or donations to the poor
and victims of natural disasters.

Retirement Pensions for Civil Servants
Retirement pensions deserve a close examination as the
most readily recognisable form of a formal social pro-
tection measure. There is a division of administrative
responsibility for veterans and civil servants pensions.
The former are the responsibility of the Department of
Veterans Pensions of MOWVA; the latter are under the
Department of Retirement Pensions of MOSALVY.
According to MOSALVY, there are about 22,000
retired civil servants, including the disabled, receiving
an average of 70,000 riels ($17.50) per month. A retired
civil servant can receive as little as 27,000 riels per
month. These figures represent an average of $0.58 per
person per day and a minimum of $0.22 per person per
day, assuming the full amount is actually transferred. In
the event of death, an officials dependants receive from
eight to 10 months of their salary, depending on length
of government service. In addition, a child of the de-
ceased is provided, until adulthood or longer if certified
as in school, with between 3,100 and 4,000 riels ($0.80
$1.00) per month, the lower amount for deaths unrelated
to work. A spouse continues to receive about 4,000 riels
or $1 per month. Given the Cambodian poverty line of
circa $0.50 per person per day (based on 2,100 calories
per day), these transfers are totally insufficient.
Pension reform has been under consideration for
some time. It is well recognised that the current pension
system, which is entirely the administrative responsibil-
ity of the government, is not sustainable. A new pro-
posal is to transfer the task to other institutions or pri-
vate health insurance companies, but this is unlikely to
succeed without a prerequisite of civil service compen-
sation reform. Because of the low monthly pay of some
civil servants (less even than garment factory workers,
whose legal minimum wage is $45 per month),
moonlighting and unofficial payments are not uncom-
mon.
4
Civil service compensation reform was an impor-
tant element of the 73 points agreed to in the negotia-
tions leading to the formation of the current government,
but there appears little sign of progress in this area.

* Sophal CHAN was formerly a researcher at the
Cambodia Development Resource Institute and Sophal
EAR is a PhD candidate at the University of California,
Berkeley, and Center for Khmer Studies Fellow, e-mail:
sophal@alumni.princeton.edu.

10
AMBODIA DEVELOPMENT REVIEW VOLUME 4, ISSUE 3, SEPTEMBER 2000 CAMBODIA DEVELOPMENT REVIEW VOLUME 8, ISSUE 4, OCTOBER-DECEMBER 2004
Vocational Training
Vocational training is a crucial labour market interven-
tion, which is a major part of social protection. There
are two vocational training centres in Phnom Penh, one
supported by Thai and one by Korean assistance, and
five small vocational training centres in five provinces:
Kampot, Koh Kong, Siem Reap, Kompong Thom and
Pursat. These were previously under MOSALVY. These
centres have existed for only two to five years. The pro-
vincial training centres are small, taking in 1520 indi-
viduals for a few skill areas. They receive limited sup-
port from donors and NGOs. The latter usually wish to
target specific beneficiaries or skills.
It is foreseen that the state-owned vocational training
centres will be transformed into public institutions and
will be empowered to charge official fees (unofficial
fees may or may not currently prevail) to address prob-
lems of inadequate funding and financial sustainability.
While this is arguably an efficient way to run an institu-
tion, a public-private vocational training centre could be
no different from a purely private one. The poor and
vulnerable will be excluded unless the centres specifi-
cally target them or cross-subsidise their tuition from
students who can afford to pay.

Veterans Affairs
Decades of war have left Cambodia with tens of thou-
sands of deceased and disabled soldiers. According to
the Department of Veterans Affairs, the government
has taken responsibility to support (i) 253,500 depend-
ants (categorised as spouses, children and parents) of
56,833 deceased soldiers and policemen, (ii) 31,500 dis-
abled soldiers and policemen, plus their 160,183
spouses and children, (iii) 4,712 retired soldiers and
their 16,465 spouses and children and (iv) 1,195 inca-
pacitated soldiers and their 3,697 spouses and children
through monthly payments. In total, 471,252 people are
entitled to transfers from the government.
The total expenditure on these transfers was $13.7
million per year in 2003 or an average of $29 per bene-
ficiary per year. This total expenditure is relatively sub-
stantial for the government. However, at the family
level, the compensation is extremely small and does not
allow for even a minimum level
of subsistence, especially for the
dependants of deceased soldiers.
Spouses and/or the parents of a
deceased soldier are given 3,200
riels ($0.80) per month. Children
under 18 (or adult children if cer-
tified in school) are provided
4,000 riels ($1) per month
(allowances for dependants have
not been increased since they
were set in the 1980s). This is ex-
tremely low when compared to
the Cambodian poverty line
($0.50 per person per day). Even
if fully and effectively trans-
ferred, the monthly allowances
can meet the dependants minimum caloric needs (2,100
calories per person) for only one or two days. In fact, for
various reasons, chief among them unofficial payments
and leakages, recipients receive only around 50 percent
of their nominal monthly payments.

Public Health Services for the Poor
In Cambodia, household health expenditures consume a
non-trivial portion of total household expenditures and
represent 7585 percent of total health funding ($2030
per capita per year). Under pressure from the donor
community and in recognition of the severe shortage of
public health care provision, the government over the
last few years has substantially increased the budget al-
location for health. However, problems persist partly
due to the fact that actual expenditure has consistently
been less than specified in the budget. As a result, the
burden of out-of-pocket expenditures is high, especially
among the poor.
Two schemes directly related to social protection are
partly under way. These are the Social Health Insurance
(SHI) and the Equity Funds, both of which were recently
created by the Ministry of Health. Social Health Insur-
ance is intended to insure health risks of Cambodians,
while the Equity Funds are designed to assist the poorest
of the poor by pooling money from government and do-
nors for health expenditures.
Ideally, a SHI scheme can be required of civil servants
and factory workers (at the moment, this would mean gar-
ment workers primarily). However, on the civil servant
side, this requires the government to raise civil servant sala-
ries based on market comparators and functional analysis
(formulation of actual job descriptions). Civil service re-
form is a sine qua non, as has been mentioned before. With
respect to factory workers, both management and workers
should contribute to the scheme. Currently, there is no such
health insurance for ordinary civil servants and private sec-
tor workers, because the Law on Social Security Schemes
for Persons Defined by the Provisions of the Labour Law
has yet to be implemented.
To serve the very poor, the Ministry of Health has
established Equity Funds with a total budget of $20 mil-
lion for the first three years (2003-2005). However, so

Table 1: Breakdown of Current Expenditure by Chapter
Chapter
Budget Law
2003 ($ million)
Actual 2003
($ million)
Actual 2003
(%share)
Total Current Expenditure 377 100%
Chapter 10: Salaries 155 147 39%
Chapter 11: Operating costs 145 114 30%
Chapter 12: Subsidies to provinces
and municipalities
26 25 7%
Chapter 13: Specific programme
activities (PAP)
40 25 7%
Chapter 20: Interest on loans 7 8 2%
Chapter 30: Economic interventions 8 14 4%
Chapter 31: Social interventions 31 38 10%
Chapter 32: Contributions to
international organisations
2 2 0%
Chapter 40: Other current expenditure 24 4 1%
Chapter 41: Unexpected expenses 3 - -
Source: Budget Implementation 2003, Ministry of Economy and Finance.

11
AMBODIA DEVELOPMENT REVIEW VOLUME 4, ISSUE 3, SEPTEMBER 2000 CAMBODIA DEVELOPMENT REVIEW VOLUME 8, ISSUE 4, OCTOBER-DECEMBER 2004
far, no part of the government plan for Equity Funds has
been implemented. The success of the Equity Funds will
depend on whether referral hospitals and health centres
will provide effective services while their salaries and
incentives remain far from adequate.

Social Protection by Donors and NGOs
As an aid-dependent country, Cambodia has enjoyed
foreign aid accounting for approximately 40 percent of
its total budget expenditure. While current expenditure
has not exceeded $400 million, total external assistance
per annum has been about $500 million, of which some
$40 million has been contributed by NGOs. With 36
percent of the population living under the national pov-
erty line, donor countries and NGOs have made strides
in filling the gaps in poverty reduction programmes,
most of which directly address the needs of the very
poor, the disadvantaged and vulnerable groups.
A number of categories, such as disaster preparedness
and humanitarian aid and relief, fall squarely under social
protection. Other social protection-related sectors include
agriculture, natural resources, education, health and social
development, since these are largely aimed at assisting or
protecting the poor from falling into extreme poverty.
Humanitarian aid and relief accounted for nearly 17 per-
cent of total development assistance in 1993. This compo-
nent fell substantially from 1994 to 1998, averaging 5.2
percent, as the country moved from rehabilitation and re-
construction towards development. However, humanitarian
aid and relief bounced back to nearly 12 percent of devel-
opment assistance on average per year between 1999 and
2002, in the face of severe droughts and floods.
In a broad sense, about 23 percent of total external
development assistance, or nearly $110 million, went to
social protection in 2001 (the year for which the most
recent data are available). This by far outweighed gov-
ernments social protection expenditure, which was $38
million in 2003.

Effectiveness of External Interventions
The 500 (by some accounts 1,000) NGOs and donor
programmes are far too numerous to permit a fair repre-
sentation of successful or unsuccessful social protection
interventions in Cambodia. Instead, key sectors and
NGOs have been selected to illustrate the effectiveness
of interventions.

Assistance to Women and Children
Assistance to women and children is another area of so-
cial protection in which donors and NGOs have been
active. Women, especially those who are heads of
households or widows, are more vulnerable than men
for various cultural and social reasons. Children,
whether abandoned or orphaned, who end up on the
streets have even fewer avenues for survival. The work
of UNICEF and NGOs (e.g. Friends and SABORAS) is
particularly helpful in shedding light on the situation of
women and children and on recent experience of the ef-
fectiveness of social protection programmes.
UNICEF has been active in formulating policies as
well as supporting other institutions in implementing
them. Areas of intervention by UNICEF in Cambodia
include social exploitation and abuse, child trafficking,
street children and youth-at-risk behaviour (drug use,
guns, HIV/AIDS etc.). UNICEF also provides capacity
building for the staff of MOSALVY. As well, it has a
number of programmes to support poor women and chil-
dren through both government and NGOs.
Mith Samlanh (Friends) was established in 1994 as
an NGO to support street children. At present, it runs 13
programmes in Phnom Penh and Kandal. With MO-
SALVY as the official partner, Friends has achieved
great success in integrating a large number of street chil-
dren into society, schools and families. It has helped
street children to achieve career development and has
made their parents more aware of family planning and
community development.
SABORAS can serve as an example of how an NGO
can participate in providing social protection to the very
poor. Based in Battambang province, SABORAS is a
local NGO launched in 1993, primarily to prevent very
poor women, who already live precariously, from hav-
ing to become sex workers. In five SABORAS projects
that are all linked to social protection, the targeted bene-
ficiaries are the poorest of the poor in their communities.
The programmes deal with day care, rural development,
vocational training, community sewing workshops and
micro-credit.
SABORAS vocational training project is unique in
Cambodia. It was the initial concept for which
SABORAS was created. Since 1993, more than 800
very poor women aged 1630 have been trained in
three areas: sewing, beauty salon skills and cake mak-
ing. They have been recruited from 12 provinces
through NGOs operating locally. After five months of
training, they are lent $100 to start their own small busi-
ness and are monitored by SABORAS.

Integrated Community Development
Lutheran World Federation (formerly Lutheran World
Services) has been in Cambodia since 1979. The special
character of LWF is its ability to target the more remote
communities. WLF assisted 37,250 families or 179,483
people living in 311 villages in 2002. The number of
beneficiaries increased to 331,195 in 2003.
A recurring issue for WLF is that of striking the right
balance between a process approach and an output ap-
proach. At present, the tendency is to move towards re-
sults while also developing a rights-based approach.

Conclusions
Poverty in Cambodia is more severe than merely the
lack of economic empowerment. It relates in large part
to vulnerability, disability and hopelessness caused by
prolonged civil war and state failure across three dec-
ades. The fact that the formal sector is small while the
demand for social support is acute leads to reliance more
on external assistance and informal safety nets than on
Continued on page 13

12
AMBODIA DEVELOPMENT REVIEW VOLUME 4, ISSUE 3, SEPTEMBER 2000 CAMBODIA DEVELOPMENT REVIEW VOLUME 8, ISSUE 4, OCTOBER-DECEMBER 2004
Even though US and Japanese economic growth slowed
down, most of Asian economies still grew faster than in
the second quarter 2004. However, a sharp increase in
crude oil prices and prices of other commodities have
raised concerns about inflation in most countries.

World Economic Growth
According to the economic indicators compiled by the
Bureau of Economic Analysis, the US economy deceler-
ated to 4.7% in the second quarter of 2004 compared to
a growth rate of 5.0% in the first quarter. This largely
reflects a drop in personal and government consumption
expenditures, and was partly offset by an increase in ex-
ports and in residential fixed investment. In the second
quarter of 2004, personal consumption expenditures
slowed to 3.4% year-on-year basis, compared to 4.2% in
the first quarter. The slowdown resulted mainly from
weakened demand for motor vehicles and lower energy
consumption, which in turn was affected by energy (oil)
prices.
During the same period, growth in government con-
sumption expenditures dropped to 3.8% from 12.1% in
the previous quarter. Despite the fact that the US econ-
omy decelerated in the second quarter, the Federal Re-
serve retained its optimism as demonstrated by an in-
crease in benchmark interest rates from 1% to 1.25% in
June 2004, and 1.5% in August 2004. If the price of
crude oil keeps rising however, this will obviously ad-
versely affect the growth prospects of the third and
fourth quarters of the year.
The Euro area's GDP grew more quickly at 2.2% in
the second quarter of 2004, compared with 1.5% in the
first quarter, strongly supported by both domestic and
external demand. According to a press release of the
European Commission (EC), domestic demand rose by
1.3% in the second quarter of 2004, 0.2 percentage
points faster than in the first quarter. During the same
period, exports rose by 8.1% over the previous year (and
by 3.5% compared to the preceding quarter). Due to
slow economic growth in some countries in the Euro
Area (i.e. Italy, Greece, Spain), the European Central
Bank decided to leave its monetary policy unchanged,
by keeping its main refinancing rate at the six-decade
low rate of 2%.
Japan's economy expanded by 4.2% year-on-year
basis in the first quarter of 2004, 1.4 percentage points
lower than in the previous quarter arising largely from
a fall in private sector inventories and government
spending. According to Bloomberg News, private inven-
tories were reduced in the face of a slow down in de-
mand in the US and Chinese economies, which are cru-
cial markets for the Japanese. Lower economic growth
in these two countries combined with oil price increases
does not bode well for the Japanese economy.
As a result of tightening macroeconomic policies,
China's economy decelerated slightly, to 9.6% in the
second quarter of 2004, compared to 9.7% in the first
quarter. For 2004 as a whole, the growth rate may decel-
erate further due to higher oil prices, higher inflation
and lower demand. According to Channel News Asia,
growth may slow down to 9.0% this year, compared to
the predicted rate of 9.8%.
Comparing to the second quarter of 2003 when the
SARS outbreak spread out to the whole region, the Sin-
gapore economy saw stronger growth at an annual rate
of 12.5% in the second quarter of 2004, up from 7.5% in
the first three months of the year. The Ministry of trade
and Industry of Singapore reported that external demand
rose significantly (by 26.3%) over the year, and re-
mained the main engine of growth. During the same pe-
riod, exports of both goods and services rose signifi-
cantly (by 25.7%). According to the latest quarterly sur-
vey of the Monetary Authority of Singapore, GDP is
expected to grow at an annual rate of 7.7% in the third
quarter and 8.4% for 2004 as a whole. The Malaysian
economy grew by 8.0% in the second quarter of 2004,
the biggest gain since the second quarter of 2000 when
the economy grew by 8.1%. According to the Central
Bank of Malaysia, the growth was led by the manufac-
turing and services sectors, which recorded annual
growth rates of 12.1% and 7.4%. However, it is ex-
pected to slow down later in the year as higher oil prices
take its toll and semiconductor exports fall off. Simi-
larly, the Hong Kong economy expanded by 12.1% in
the second quarter of 2004, compared to 6.8% in the
preceding quarter. The main reason would appear to lie
in a rise in domestic consumption, helped by lower un-
employment and increased tourism. The Hong Kong
economy is also expected to weaken during the second
half of the year in the face of Chinese economic slow-
down, and US interest rate hikes.
Unlike other ASEAN countries, the Thai economy
rose at an annualized rate of 6.3% in the second quarter
of 2004, decelerating from 6.6% in the first quarter. The
economic slowdown was mainly due to the Avian Influ-
enza and the rise in oil prices, according to the National
Economic and Social Development Board. As a result of
the epidemic combined with drought, the agricultural
sector contracted further in the first quarter of 2004.

World Inflation and Exchange Rates
Higher crude oil prices caused the inflation rate in many
countries to come under pressure. In the second quarter
of 2004, consumer prices in the US surged by 2.9% over
the previous year, 1.2 percentage points higher than in
the first quarter. During the same period, consumer
prices in the Euro area rose at an annual rate of 2.1%,
compared with 1.6% in the previous quarter. In contrast,
consumer prices in Japan continued to fall further in the
second quarter of 2004. To deal with this persistent de-
flation, the Bank of Japan decided to maintain its expan-
sionary policy stance in its July meeting. In Hong Kong,
however, deflationary pressures continued to ease off, as
consumer price declines slowed down. On a year-on-
year basis, consumer prices in Singapore rose by 1.8%
in the second quarter of 2004, largely reflected by a rise
Economy Watch Exter nal Envir onment

13
AMBODIA DEVELOPMENT REVIEW VOLUME 4, ISSUE 3, SEPTEMBER 2000 CAMBODIA DEVELOPMENT REVIEW VOLUME 8, ISSUE 4, OCTOBER-DECEMBER 2004
Commodity Prices in World Markets
In the second quarter of 2004, most commodity prices
were higher than in the first quarter. The price of first
quality rice in the Bangkok international market rose for
the second consecutive quarter. It reached US$ 235.8/
tonne in the second quarter of 2004, an increase of 8.7%
over the first quarter. The price of rubber in the Malay-
sian international market rose by 7%, to US$ 1,333.4/
tonne in the second quarter of 2004, from US$ 1,246.4/
tonne in the previous quarter. During the same period,
the price of soybeans continued to rise for the second
consecutive quarter , reaching US$ 249.7/tonne. Com-
pared to the same quarter last year, soybean prices in-
creased by only 1.6%. The price of crude oil increased
sharply in the second quarter by 13.6% over the previ-
ous quarter, to reach US$ 33.3/barrel.
Prepared by Tong Kimsun
in the price of consumer goods and services.
In the second quarter of 2004, the value of the US
dollar strengthened by 2.3% and 5% over the previous
quarter, with respect to the Japanese yen and the Euro
respectively. Despite the fact that the US dollar came
under pressure in June (weakening against both the
Japanese yen and the euro) in the face of the record defi-
cit in the US current account, the announcement effect
of raising interest rates by the Fed and the lack of confi-
dence in the prospects of a quick Japanese economic
recovery, kept the US dollar relatively firm over the
quarter as a whole. During the same period, the US dol-
lar gained against the Thai baht and the Singapore dol-
lar, an appreciation of 3% and 0.6% from the first quar-
ter of 2004, respectively.

Economy Watch Exter nal Envir onment
national resources for social protection.
Formal insurance is still in its infancy in Cambodia.
Few people generate adequate income to be voluntarily
insured. However, steps have been taken to pass insur-
ance laws and draft sub-decrees in order to create an ap-
propriate regulatory framework. Policies have also been
considered to move towards sustainable insurance pro-
viders and pension schemes. Success of these initiatives
will critically depend on other related factors, mainly
good governance and in particular an appropriate salary
and incentive system (civil service reform). These are
political economy considerations constrained by history
and social pressures (patron-client relations and infor-
mal networks).
As part of the external assistance that has filled in a
number of the gaps left by the government, quite large
donor and NGO funds have been channelled to pro-
grammes providing social protection. In a loose defini-
tion, almost half of the total $500 million disbursed in
2002 by donors and NGOs could be considered as re-
lated to social protection, including overhead and deliv-
ery costs. This is far larger than the $38 million dis-
bursed by the government. NGOs seem to be effective
in reaching the poorest and those most in need of social
protection. However, the fact that donors and NGOs in
many ways fill the role of government permits the gov-
ernment to reallocate its funds to other uses, not always
in the most productive manner.
Social protection in Cambodia currently plays a ma-
jor role in poverty reduction, a goal which dominates
both the global and national agenda. There is plenty of
room for intervention in social protection. However,
from an efficiency point of view, there is a need for fur-
ther practical research to compare the cost effectiveness
of different ways and approaches for providing social
protection programmes.
Endnotes
1. This article is adapted from a report entitled
Cambodia: Expenditure Analysis and Stocktaking
of Social Protection Efforts presented on 19-20 July
2004 at a Dialogue on Social Protection Issues in
Cambodia hosted by the World Bank in Phnom
Penh. The report was commissioned in order to con-
tribute to the World Banks preparation of a forth-
coming Cambodia Social Protection Strategy Note.
The findings, interpretations and conclusions ex-
pressed in this article are entirely those of the authors
and should not be attributed in any manner to the
World Bank, its affiliated organisations or members
of its Board of Executive Directors or the countries
they represent. The authors are grateful to govern-
ment and NGO representatives for the excellent co-
operation they extended to us during our research.
Dena Ringold, Maryam Salim and Minna Hahn pro-
vided excellent comments on earlier versions of the
main report. M.S. Shivakumar provided unwavering
support throughout the process. Any remaining errors
or omissions are the authors responsibility.
2. Recently, these have been reshuffled into three min-
istries: the Ministry of Social and Veterans Affairs,
the Ministry of Labour and Vocational Training and
the Ministry of Womens Affairs.
3. Gift-giving in Cambodia is the focus of a forthcom-
ing study by Caroline Hughes in which she argues
that the practice has evolved from a symbolic
tradition into one containing elements of threats
and coercion.
4. According to a survey of 800 firms in Cambodia, 5.2
percent of total revenues go to unofficial payments (see
World Bank, Seizing the Global Opportunity: Invest-
ment Climate Assessment and Reform Strategy for
Cambodia, Report No. 27925-KH, 12 August 2004).
Continued from page 11 Towards Understanding...